One Group completes Benihana acquisition for $365M cash; Benihana FY2024 revenue $530M, net income $53.5M

ONE Group Hospitality, Inc.

Acquisition of Safflower Holdings Corp. (Benihana/RA Sushi) for $365M cash closed May 1, 2024; prior Form 8-K now amended with financials.
Benihana's audited FY2024 (53 weeks) revenue $530.1M vs $517.1M in FY2023; net income $53.5M vs $2.3M, boosted by $57.9M deferred tax benefit.
Benihana income from operations $31.0M in FY2024 vs $35.4M in FY2023; impairment charges $8.9M, interest expense $35.4M.
Benihana had $214.4M long-term debt, $27.5M cash, total assets $516.3M as of March 31, 2024; operated 88 company-owned and 12 franchised restaurants.
Unaudited pro forma combined financials for One Group and Benihana as of March 31, 2024 and year ended Dec 31, 2023 filed as Exhibit 99.2.

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